The year 2016 saw an average shopping cart abandonment rate of 69.23 percent, according to a report conducted by Baymard ‘s Institute. For the first quarter of 2017 , the global cart abandonment rate was 75.6 percent and the average cart abandonment rate this year is expected to exceed last year’s estimates.
Such figures have been a cause of worry for well-established eCommerce giants, while these figures serve as their worst nightmare for startups.
But these numbers don’t mean that the e-commerce market is in a desperate situation. Analysts agree that an abandoned cart is a chance to engage a prospect and produce a future profit, not always a lost customer.
An abandoned shopping cart does not automatically translate into a “failed sale,” according to SeeWhy statistics, as three-fourths of customers who have abandoned carts claim they intend to go back to the store and make a purchase.
Therefore, recognising that shopping cart abandonment is unavoidable for different reasons is important for online store owners and if we consider the reasons behind shopping cart abandonment, then it can certainly be included.
Here are our 10 favourite ways to minimise the shopping cart abandonment, counting down to our favourite strategy of shopping cart recovery.
1 – Build trust with your Transaction Forms :
Some online retailers see transaction forms in the sales process as a simple formality-they have already lured you with their goods, so why wouldn’t you fill out a long form without question? This is most certainly not the case, however, and your transaction forms are just as important a tool as any other part of the process to create and build trust in your web.
Know you’re basically asking them to trust you with their personal details by asking your customers to fill out a transaction form. This goes way beyond just their contact information; you’re asking for specifics about their credit card, something that many individuals are reluctant to part with.
2 – Show Progess incdicator on checkout pages :
Do you know when the cashier asks you for your zip code, or your phone number, or your star sign, when you’re standing in line at Target? Have you got a loyalty card? By opening one, would you like to save 10 percent? All of these items are irritations which prolong the process of checkout and should be avoided in any e-commerce experience. One of the easiest ways to do so is by providing on your checkout pages a progress indicator.
By explicitly showing clients where they are in the checkout process, you remove the possible fear that it will take more time to actually buy something from you than the prospect is willing to commit. It tells tourists that they are almost done, and soon they will be able to get back to looking online at cat .gifs or whatever it is they would like to do.
It also helps to remove uncertainty and makes it easier and simpler for clients to understand the procedure. Several studies have shown that a majority of customers in the course of completing a mission prefer to have a strong indicator of their standing, and e-commerce is no exception.
3 – Add thumbnails Product images :
Most customers would not forget what’s in their shopping cart (unless they’re on a severe shopping spree), so another “grounding” strategy that reminds the consumer of what they’re buying may be like a success monitor, showing thumbnail pictures of the items they’ve put in their cart.
You will see everything you buy right there in front of you when you buy something in an actual store. This might not always be the case in an e-commerce sense. You are not only helping them understand what they are actually purchasing by providing thumbnail images of items in the customer’s cart, you are removing the risk of diversion, specifically the hesitation a customer may encounter if they can not instantly understand what they are buying.
4 – Facilitate effortless navigation between cart and store :
Consumers seldom decide on a purchase, find and pick it easily and efficiently, and check it out in a single, streamlined interface. Shopping online can be indirect, wasteful, and far from linear, just like in a real shop. The faster you make going between your cart and your store for customers, the more likely they are to stick with it and eventually check out.
However, while one of the most efficient ways to minimise friction during the checkout process is to navigate between a shopping cart and an e-commerce store, it is also one of the most difficult to get correct. Also big e-commerce retailers such as Amazon are continuously experimenting with checkout flow to accurately optimise the experience of checkout and make it easier for customers to purchase more things.
5 – Offer several Payment options :
You do not want anything to come between your customers and a fulfilling, enjoyable and eventually smooth shopping experience while designing your e-commerce checkout pages. However, you place needless barriers between your prospects and your sales if you only offer a single payment option (or very few choices).
Credit card payment methods are a no-brainer, but today , customers have more online payment options than ever before. PayPal is still going strong (somehow), but mobile payment systems, especially among younger millennials, such as Apple Pay and Google Wallet, are becoming increasingly popular.
In a Nutshell
Abandonment of the shopping cart is a critical problem and you must not ignore it at any cost. It has the ability to make your online business or ruin it. You must ensure your cart abandonment rate is as low as possible with the holiday season just around the corner.
You can easily reduce abandonment rate with the aforementioned tips and tricks and entice your online visitors to become healthier customers for your company. Bear in mind, abandoned sales do not mean your sale is wasted. Via email marketing, re-target your lost prospects and welcome them back to your store to help them finish their checkout.
Also you can take help from any reliable Magento design services company to assist you build your Ecommerce store.